Bank of America recognizes the State of California budget crisis will impact our clients and customers. To support our customers, while giving the state legislature additional time to pass a budget, we will accept California state-registered warrants – or IOUs – from existing customers and clients. Based on state disbursement estimates, we will accept the registered warrants through July 10.
Bank of America Announces Limited Acceptance of California State-Issued Registered Warrants for Customers and Clients
State rolls out $3.36 billion in IOUs today
what the hell is going to happen on the 11th?
If they accept the IOUs only through July 10, it should be good for velocity…Would be interesting to see a secondary market. I am going to put a picture (meaningless but funny…).
All we need is for someone to set up a secondary market for the IOUs, and it will solve a major problem for California — they will finally have their own currency. Not constitutional, you know, but how often do people care about that…